There has been a distinct slowing in the addition to the employee base (excluding outsourced labour) from 4.1% in FY19 to 2% in FY20, for a sample of 1,703 companies.
The headcount moved from 6.16 million in FY18 to 6.42 million in FY19 and 6.54 million in FY20; IT and banking account for 40% of the workforce.
CARE believes the lockdown would have led to significant rationalisation and that the addition of employees in FY21 could be slower than in FY20.
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